[SMM price] the discount on the rise of copper cash in Shanghai market on July 23rd (the third period)

[SMM Copper Cathode Export Update] In late September, the SHFE/LME copper price ratio pulled back to 7.6, and import losses widened to more than 1,500 yuan/mt. However, SMM data showed that on September 23, SMM #1 copper cathode spot prices against the SHFE copper 2610 contract stood at a premium of 1,200-1,480 yuan/mt; on September 21, SMM copper inventories in major China's regions fell to 74,800 mt, at around the 1st percentile over the past year, with smelters holding scarce available cargoes and already oversold. The survey showed that smelters with copper concentrate processing trade with imported materials manuals and export qualifications have no significant export plans for the time being.